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FEB 9, 2010 7:24pm ET

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USB Seizes Underwriting Opportunity

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With the financial crisis displacing or disabling many of the league-table regulars in capital markets businesses such as high-grade debt underwriting, U.S. Bancorp has been building a track record of arranging deals for large corporate issuers.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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